KfW Rely on the safe haven - Investor presentation
Money market
Large ECP/ USCP programmes for short term liquidity
ECP programme
€
USCP programme
Tailor-made solutions
•
•
•
Multi-currency commercial paper
(ECP) programme with a programme
size of EUR 90bn (since August
2022)
Flexible in all maturities, starting with
1 week
Sizes start from EUR 2.5m and are
not capped
In 2023, KfW has issued 532 ECPs
with a total volume of EUR 72bn
.
USD CP programme with a size of
USD 30bn (since March 2022)
Flexible in all maturities including
same-day funding; max. USD 1.0bn
maturities per day
In 2023, KfW has issued 415 USCPs
with a total volume of USD 41bn
Top CP-Ratings
P-1 (Moody's)
S-1+ (Scope)
A-1+ (S&P)
KFW Rely on the safe haven - Investor presentation / April 2024
KfW aims to meet investors' needs by showing flexibility
in sizes, maturities and currencies (wide currency range
possible in ECP programme)
Variety of currencies
2%
14%
ECP
Mar 2024
84%
In 2023, KfW has issued CPs in 8
currencies under its ECP
programme:
USD, EUR, GBP, CHF, AUD, HKD,
NZD, CAD
Overall, CPs were issued in 17
currencies since the launch of the
■ USD
■ EUR
programme
■ GBP
■ Others
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